Walmart-backed OnePay offers credit and debit cards, high-yield savings accounts, and digital wallets with purchases now and later loans and peer-to-peer payments.
Photos obtained from the OnePay website
OnePay, a Fintech company that is majority owned by Walmart, quickly offers cryptocurrency trading and custody on its mobile app.
OnePay will provide customers with access to Bitcoin and ether later this year, with the help of startup Zerohash, according to people with knowledge of the issue that were refused to be identified prior to the official announcement.
The move shows that OnePay, founded in 2021 by Walmart and venture company Libbit Capital, considers Crypto as a core offering when building “all apps” for Digital Finance.
The fintech company systematically added new products to its quest to become an American super app similar to overseas products like WeChat. The company currently offers banking services, including high-yield savings accounts. Credit cards and debit cards. Buy now and pay later loans or wireless plans.
By allowing OnePay users to hold Bitcoin and ether on their mobile app, customers will likely convert crypto into cash and use those funds to repay store purchases or card balances.
A spokesman for New York-based OnePay declined to comment.
Crypto continues to acquire mainstream adoptions after President Donald Trump’s election and the US government’s stance on the inverted emerging technology. Large banks that previously could not develop cryptographic products are now beginning to do so. Last month, Morgan Stanley said it would soon be offering retail clients access to Crypto directly through their electronic trading subsidiary.
The overall trend has boosted the constellations of public and private companies involved in cryptography. Last month, Zero Hash raised $144 million in funding from financial companies such as Morgan Stanley and interactive brokers.
OnePay, which benefits from ties with the world’s largest retailers, has shown signs that mobile apps are gaining traction, even before crypto is rolled out.
Fintech companies are currently ranked fifth in Apple’s App Store rankings ahead of large companies such as JPMorgan Chase, Robinhood and Chime. Almost every OnePay app on that list, including PayPal, Venmo, Cash apps, already offers Crypto.
From the time it was created, OnePay’s major advantage lies in its distribution channel. The company’s app is integrated into the in-person and online checkout process at Walmart’s US location, providing access to 150 million Americans who shop there each week.
However, OnePay was created as an entity separate from the retailer, so it is not limited to Walmart customers, but instead appeals to a larger population of Americans who are not served by traditional banks.
